QUICK CO.,(SH:603203) Xin Lang Cai Jing·2025-09-13 09:48Core Viewpoint - The company, 快克智能 (603203), has demonstrated steady revenue growth and strong performance in high-demand sectors, particularly in AI and automotive intelligent driving technologies, as highlighted in its 2025 semi-annual report [2][7]. Financial Performance - In the first half of 2025, the company achieved revenue of 504 million yuan, representing a year-on-year increase of 11.85%. The net profit attributable to shareholders was 133 million yuan, also up by 11.84%, while the net profit excluding non-recurring items reached 113 million yuan, marking a 16.46% increase [3][7]. - The company's gross margin stood at 50.78%, an increase of 1.39 percentage points year-on-year, and the net profit margin was 26.22%, up by 0.09 percentage points, indicating strong profitability [3][7]. - The company effectively controlled its expenses, with sales, management, financial, and R&D expense ratios at 7.38%, 4.34%, -0.52%, and 13.11% respectively, showing improvements in cost management [3][7]. Business Focus and Growth Engines - The company is concentrating on enhancing its core business, with AI and automotive intelligent driving serving as dual growth engines. The AI sector is experiencing significant growth, particularly in the AI server market, where the company has supplied precision electronic assembly equipment to major suppliers like Nvidia and Moog [4][8]. - The demand for precision inspection equipment has surged, enabling the company to support continuous training for AI servers in high-demand scenarios. Additionally, the company has provided automated production lines for cooling pumps to clients like Feilong, resulting in repeat orders [4][8]. - The penetration of laser radar in domestic passenger vehicles has increased, with a year-on-year delivery growth of 83.14% in the first half of 2025. The company has supplied high-precision laser welding equipment to Hesai Technology for their laser radar production lines [4][8]. Expansion into Emerging Markets - The company is exploring new growth avenues in smart wearables, intelligent manufacturing equipment, and semiconductor packaging, laying a foundation for long-term development. In smart wearables, its laser welding equipment is being used in the mass production of Meta smart glasses, and PCB laser cutting technology has secured multi-million yuan orders from Foxconn and Luxshare [5][9]. - The intelligent manufacturing equipment business emphasizes flexible manufacturing and has deepened its global layout, delivering multiple production lines to European companies like Faurecia [5][9]. - The global semiconductor packaging equipment market is expanding, with the company securing orders from leading clients. The development of its thermal compression bonding (TCB) equipment is progressing well, with expectations to complete R&D and initiate customer sampling within the year, supporting the localization of key advanced packaging equipment [5][9]. Investment Outlook - The company is projected to achieve revenues of 1.104 billion yuan, 1.3 billion yuan, and 1.532 billion yuan for the years 2025, 2026, and 2027 respectively. The net profits attributable to shareholders are expected to be 265 million yuan, 325 million yuan, and 393 million yuan for the same years, with corresponding EPS of 1.06 yuan, 1.31 yuan, and 1.58 yuan per share [6][10].